Hi i am currently in an iva and my son and daughter have just both started to receive disability allowence. I am very worried that the iva will try to use their money to pay my creditors. All their money is used up as they do alot of after school clubs and i have travel costs to appointments and it is also used to put a little aside should they need anything else. I am worried that the creditors will say that they are could stop doing some of their clubs and the money given to them, which i will not allow. I wanted to also add that my sole income is benefits and have even made a bankruptcy date as i feel that strongly about it but have now been informed that because the iva hasn't failed i cannot declare myself bankrupt.

If you want to terminate the IVA, believing that bankruptcy is a better optin for you, you can simply advise your IP of this fact and then proceed to file for bankruptcy. Your IP ought to issue you with a Certificate of Termination which may be required by the Court before they will grant a bankruptcy order.

How long have you been in your IVA, and why did you choose this as the most appropriate solution at the time? DLA should not be included in your disposable income as that money ought to be entirely used to fund the additional expenditure involved in caring for your children.

I am an Insolvency Practitioner handling IVA cases. To contact me about starting an IVA please: